AI InsurTech Akur8 raises $30m

French InsurTech Akur8 has raised $30 million in a Series B funding round.

Founded in 2018, the company provides a cloud-based machine learning solution which assists actuaries with insurance pricing.

This brings the company’s total funding to $42 million and comes 15 months after a Series A led by BlackFin Capital Partners and MTech Capital.

Akur8 said it will use the capital to fund its international expansion, with particular emphasis on furthering its US footprint and establishing a presence in APAC in 2022.

Akur8 said the funding will also be used to accelerate its product development pipeline to cover the full pricing suite, develop US-tailored features, and launch features to enhance existing modules.

Akur8 said it has acquired more than 30 customers across 10 countries over the last two years, including AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln, fellow InsurTechs Wakam and wefox, as well as mutual insurer Matmut.

“We are happy to announce the closing of our Series B funding round and are grateful for the support we have seen from our investors,” said Samuel Falmagne, co-founder and chief executive of Akur8. “This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our international expansion in the US and APAC, and equip property and casualty insurance and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly.”

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